The International Islamic Trade Finance Corporation (ITFC) has signed a US$2bn annual financing plan with the government of Bangladesh and the Bangladesh Petroleum Corporation (BPC), for the import of crude oil and refined petroleum products in 2013.

With a tenor of nine months, the financing aims to meet Bangladesh’s energy requirements for the year 2013, and is in line with the ITFC’s mandate to support member countries’ strategic sectors and to improve their trading capacity.

An ITFC spokesperson tells GTR that Bangladesh’s imports of crude oil and refined petroleum products are mainly sourced from Saudi Aramco in Saudi Arabia, Abu Dhabi National Oil Company in the UAE and the Kuwait Petroleum Corporation.

The ITFC’s acting CEO, Hani Sonbol says: “This financing will allow Bangladesh to fulfil its requirements in financing vital imports of crude oil and refined petroleum products.”

Mohammad Mejbahuddin, Bangladesh’s secretary of energy and mineral resources, adds: “This signing is a reflection of a successful partnership between the ITFC and the People’s Republic of Bangladesh. By financing the energy sector, this agreement will have a major impact in achieving the country’s socio-economic development.”